Overgas: We Are Considering Listing Options

Overgas: We Are Considering Listing Options

We are considering our options to raise capital on the stock exchange, Overgas financial director Angel Ivanov told Profit.bg.

“Of course this decision would require the approval of shareholders. There are two options for us – listing on a big European stock market or on BSE.”

“We may prefer a European stock market because of the higher liquidity, as we think our issue may be too large for the Bulgarian Stock Exchange. However, we may choose BSE because of its potential and partnership with Deutsche Bourse,” he added. Angel Ivanov also said that the company's listing will only be possible when global markets settle down.

Overgas posted 2007 pre-tax profit in the amount of 22.5 mln leva (11.504 mln euros). Last year the company started several new projects.

Overgas Inc's gas distribution companies sold a total of 256 million m3 of natural gas in 2007. Sales marked a 22-percent year on year growth in 2007, while the number of its clients rose 30%.

Overgas Inc built a total of 134 km of gas distribution network in 2007. Thus, the total length of the company's gas pipelines currently amounts to 1,670 km.

The company plans to invest some 75 mln leva (38.34 mln euros) in its natural gas-related projects in 2008.

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